Even though a lot of people tend to overlook Ripple, the company is working hard behind the scenes. So much even they announced their first Middle Eastern bank partnership. The National Bank of Abu Dhabi will use the Ripple protocol for cross-border transactions moving forward. This is a major development, especially since a lot of other banks around the world are closely eyeing this technology.
Ripple Breaks Ground In The Middle East
It was only a matter of time until financial institutions around the world would pay attention to Ripple. This project’s distributed ledger technology has been of great interest to a lot of people. It facilitates cross-border transactions and can be used to complete transfers across multiple distributed ledgers. The National Bank of Abu Dhabi is the latest institution to see the benefit of this technology.
The goal is to integrate this new payment channel within the existing infrastructure. That is quite a significant development, as it hints at impending integration. Regional customers will be able to instantly transfer funds to beneficiary accounts. Additionally, they will see their transactions take place in real-time at all times. Ripple can make a big impact in the United Arab Emirates, as it is one of the top remittance-sending countries in the world today.
Source: http://www.investopedia.com/news/national-bank-abu-dhabi-adopts-ripple-cryptocurrency-software/